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George Osborne MP

Chancellor of the Exchequer

Green Box: George OsborneClick to open

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Stories involving George Osborne

Carney: Help to Buy not an economic risk

The Governor of the Bank of England has said that the Government's Help to Buy scheme does not pose risks to economy stability.

Mark Carney has written to George Osborne after the Financial Policy Committee conducted an assessment of the impact of Help to Buy.

“Under current market conditions, the Committee assesses that the scheme does not pose material risks to financial stability,” Mr Carney wrote.

He also said that the scheme was not a “material driver” of surging house prices.  

Mr Osborne responded to the letter, saying: "I was pleased to see the Committee's conclusions that the scheme does not pose material risks to financial stability in the UK and has not been a material driver of recent house price growth.”

The FPC has requested additional powers to oversee the mortgage market, asking the Treasury to allow it to direct the Prudential Regulation Authority and the Financial Conduct Authority to require lenders to place limits on residential mortgage lending loan to-value-ratios.


Introducing elected mayors would stop brain drain from the North

Introducing elected mayors in the north of England could prevent a “brain drain” from the region, according to a think tank.

A report by Policy Exchange says elected mayors would be better placed to attract technology companies to the North and create thousands of new high-tech jobs in the process.

The Chancellor, George Osborne, has previously backed the idea of introducing more elected mayors in UK cities, saying such a move would help create a 'northern powerhouse'.


Osbo announces new Office for Unconventional Gas

George Osborne has announced the creation of a new Office for Unconventional Gas after an independent science panel gave the go ahead for the controversial fracking process, albeit under a tight safety regime. The Chancellor's ‘dash for gas’ has been criticised by environments who fear Britain will not be able to meet carbon reduction targets.


Chancellor: £2.4bn in new deals with China

George Osborne will announce £2.4bn worth of new commercial contracts between British and Chinese firms today.

The Chancellor will welcome China’s vice-premier Ma Kai for the sixth annual bilateral economic summit today.

Among the announcements will be that Chinese bank ICBC will open a new branch in the UK and the creation of a new museum exchange programme.


Mortgage lending is still tight despite a rise in the number of approvals in July. Mortgages advanced to customers increased to 56,000, up 7% on June, according the Council of Mortgage Lenders (CML) said.


Osborne drawn into wind farm row

George Osborne is putting pressure on David Cameron to drop some of the Coalition's green policies, including building more onshore wind-turbines, his father in law has claimed in an undercover video. A Greenpeace activist posing as an anti-windfarm lobbyist filmed Lord Howell and Tory MP Peter Lilley saying that Osborne used the recent ministerial reshuffle to "get people into key positions who could begin to get the Government off the hook from the commitments it made very foolishly".